Measuring Brand Equity
Measuring Brand Equity:Brand equity denotes the significance a brand provides, which can either be palpable or elusive to a company, in terms of its products, amenities and the responses gotten from consumers’ knowledge, perception and experience of the brand whether negative or positive. According to David Aaker (1992), “brand equity is a set of assets and liabilities linked to a brand, its name and symbol, which adds to or subtracts from the value provided by a product or service to a firm or the customers” (35-50). Brand equity is essential for companies and can be created by companies if they ensure the products in the market are memorable, distinguishable and is of good quality.
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In conclusion, brand equity concerns valuable products that can influence the behavior of customers buying them and providing unlimited revenue to the company owners. The direct and the indirect measurement approaches help to inform the marketers the views of customers towards a product. They also learn how the opinion is reached and acts as a basis for future improvements to enhance the marketability of a brand.
Boivin, Y. (1986). A free response approach to the measurement of brand perceptions. International Journal of Research in Marketing, 3, 11-17.
Keller, K. L. (2003). Strategic brand management: Building, measuring, and managing brand equity, 2d Ed. Upper Saddle River, NJ: Prentice Hall.
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